We all know that life can be unpredictable, and sometimes that means being blindsided by an unexpected event. While it’s always nice to be surprised by something pleasant, surprises that are unwelcome can leave us feeling unprepared and frazzled. That’s why it’s important to make sure you and your loved ones are financially secure, so you can rest easy knowing you’re prepared for whatever life might throw your way. The LIC Jeevan Lakshya policy is an insurance plan that provides coverage and financial support for you and your family against all risks linked to your life. Uncertainties in life can crop up at any moment, So Buy LIC Jeevan Lakshya Plan Online LIC Jeevan Lakshya Plan Online Purchase for the benefit of having an insurance policy to protect your loved ones.
We at LIC provide complete safety and protection to your family by introducing LIC Jeevan Lakshya Plan which provides both investment cum insurance benefits. Jeevan Lakshya Policy of LIC provides for Annual Income benefit that may help to fulfil the needs of the family, primarily for the benefit of children, in case of unfortunate death of Policyholder any time before maturity and a lump sum amount at the time of maturity irrespective of survival of the Policyholder.
Jeevan Lakshya Policy of LIC is a regular premium paying plan LIC Jeevan Lakshya, which is not related to any share market, it is a traditional conventional profit plan with all the benefits like Insurance cover, Accidental & Permanent disability rider, Savings, Tax-benefits under section 80C, Tax free Maturity and Death claim amount, Loan, Surrender option etc..
read lessMinimum age | 18 years (Completed) |
Maximum age | 50 years |
Maximum maturity age | 65 years |
Policy Term | 13 years to 25years |
Premium paying term | Policy term -3years |
Minimum Sum Assured | Rs.1,00,000 |
Maximum Sum Assured | No limit |
Premium payment mode | Yearly / Half yearly / Quarterly / Monthly (ECS) |
Loan | Eligible after 2 years |
Surrender | Eligible after 2 years |
On Death | (i) Sum Assured (If chosen, Term Rider option) (ii) 10% of Sum Assured is paid every year till maturity of the policy term (iii) Future premiums are waived till maturity (iv) Sum Assured + Bonus is paid on the stipulated policy term |
On Maturity | Sum Assured + Bonus + Final additional bonus |
Income Tax Benefits | (i) Premiums paid are eligible for Tax rebate u/s 80c (ii) Maturity amount/Death claim is Non-taxable u/s 10(10d) |
When the death of the policyholder occurs before end of policy term, then the nominee will receive:
i. 10% of the Basic Sum Assured as an Annual Income Benefit from the next policy anniversary date to the policy anniversary date one year before the Maturity Date.
ii. A sum equivalent to 110% of the Sum Assured payable on maturity date.
iii. Simple Reversionary Bonus which has accumulated throughout the policy term payable on the Maturity Date
iv. Final Addition Bonus if declared by LIC payable on the Maturity Date
As the maturity benefit of your plan, if the policy holder has paid all the premiums promptly, he/she will receive a lump sum cash value equaling the sum assured, simple reversionary benefit plus bonus upon the maturity of the policy.
If the policy is surrendered after at least three years and all the premiums are paid promptly, guaranteed surrender value can be availed. Guaranteed surrender value is calculated through the total of all the premiums paid till that date.
A policyholder is eligible for a loan if 2 years the full premium amount is paid, followed by the policy acquiring a surrender value.
As a policyholder the participant, you are entitled to the profits of the insurance company by way of eligible for Simple Reversionary Bonus and Final Additional Bonus as declared by LIC and will be paid at the time of Maturity of the policy or as the death benefit.
All premiums paid on LIC Jeevan Lakshya policies LIC Tax Saving Plans qualify for tax exemption under Sec. 80C of the Income Tax Act. Also, the maturity amount earned by a policyholder is free from tax under Sec. 10D of the Income Tax Act.
If the unfortunate event of a policyholder’s death occurs:
i. According to the terms & conditions of the policy, LIC will pay out 10% of basic sum assured as annual income benefit on each anniversary date.
ii. At maturity, the assured amount equivalent of 110% of basic sum assured is paid on the policy anniversary
iii. Simple Reversionary Bonuses and Final Additional bonuses are also included in the death benefit.
iv. If the policy holder avails the New Term Assurance rider by paying an additional premium; a sum equivalent of the sum assured of the term assurance rider will be paid to the beneficiary.
i. Accidental death and disability rider benefit
With the accidental death and disability rider benefit, in case of accidental demise of the insured person, an accidental rider benefit sum assured is payable as a lump-sum amount to the beneficiary of the policy along with the death benefit under the base plan. Similarly, in the case of accidental disability, the accidental rider benefit sum assured is paid in equal monthly installments for 10 years. Furthermore, all premiums paid or future premium payments are waived off.
ii. New Term Assurance Rider
LIC New Term Assurance Rider can be availed at the inception of the policy and under this rider option, LIC will offer the beneficiary an additional term assurance sum assured amount in case of policy holder during the policy tenure. This rider option is available for a policy tenure of 35 years or until the plan anniversary when the policyholder turns 75 years of age, whichever happens first.
i. Final Addition Bonus
This is a bonus which is paid at the time of maturity or death.
ii. Simple Reversionary Bonus
If you decide to exit from the policy during the policy period by surrendering it, then a certain portion of such accrued bonus will be payable to you
Buying LIC Policy Online with LICNewPolicyOnline.com | Buying A Policy Offline visiting LIC branch or through an agent | ||
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Address Proof | Aadhar Zip File | Address Proof | Aadhar |
ID Proof | ID Proof | Pan Card or Aadhar | |
Age Proof | Age Proof | Aadhar / Driving License | |
Income Proof | IT Returns of last 2 years | ||
Photo | Passport Photo |
Buying Online Policy with LICNewPolicyOnline.com | |
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Address Proof | Aadhar |
ID Proof | |
Age Proof |
Buying A Policy Offline visiting LIC branch or through an agent | |
---|---|
Address Proof | Aadhar |
ID Proof | Pan Card or Aadhar |
Age Proof | Aadhar / Driving License |
Income Proof | IT Returns of last 2 years |
Photo | Passport Photo |
1. What is the maturity amount of LIC Jeevan Lakshya?
Maturity amount under Jeevan Lakshya LIC Jeevan Lakshya Benefits consists of Sum assured + Vested bonus + final additional bonus
2. What is the policy term in LIC Jeevan Lakshya?
Policy term available in Jeevan Lakshya is between 13 to 25 years
3. What is Term Rider in LIC Jeevan Lakshya?
Term rider Rider Benefits in Jeevan Lakshya is an additional Sum assured taken as a rider
4. Can I surrender my Jeevan Lakshya policy?
Yes, you can surrender after 2 years from the date of commencement of the policy
LIC policyholders enjoy a sovereign guarantee on the sum assured and the bonus declared as per section 37 of LIC Act, 1956 which clearly states that "Policies to be guaranteed by Central Government - The sum assured by all policies issued by the corporation including any bonuses declared in respect thereof and, subject to the provisions contained in section 14 the amounts assured by all policies issued by any insurer the liabilities under which have vested in the corporation under this act, and all bonuses declared in respect thereof, whether before or after the appointed day, shall be guaranteed as to payment in cash by the Central Government."